It’s renewal time for my American Express Platinum Card, which means it’s also time to evaluate whether the perks and statement credits justify the hefty $695 annual fee.
We also have an additional card for my wife, Sharon, primarily for Centurion Lounge and Delta Sky Club access when we travel. Paying $195 per year for her card made more sense than the $50 per visit charge. However, since AMEX structures additional user fees based on when the card was added (not the primary cardholder’s renewal date), I’ll consider that cost separately when it’s due.
The Platinum Card isn’t great for earning points on everyday spending, aside from its 5X points on airfare. But since I try to use miles instead of paying for flights, the real value comes from the benefits. So, how well did I do this past year?
Statement Credits I Used This Year
Streaming Media Credit – Up to $240
I charge our New York Times digital subscription to the Platinum Card, receiving $20 back each month. However, due to a prorated free month after downgrading my subscription, I ended up with $218.21 in total credits instead of the full $240.
CLEAR Membership Credit – Up to $199
As a Delta SkyMiles AMEX cardholder, I paid $159 for my CLEAR membership, which I charged to my Platinum Card. Thanks to a trick from one of our readers, I charged Sharon’s membership to her AMEX Green Card, allowing us to split the cost across two accounts. That means I used $159 of my eligible credit. (See how to split CLEAR fees between AMEX cards)
$200 Airline Fee Credit
Since we planned to fly with American Airlines more frequently last year, I selected them for my airline fee credit. I used the credit for a lounge pass, checked bag and seat assignment fees. However, I only managed to use $172.82 before the benefit reset at the end of the year. I decided it wasn’t worth the hassle to redeem the last $27.18.
Uber Cash – Up to $200
I made good use of this credit throughout the year. Only in December did I not use the full amount, coming up just $1.20 short, using $198.80 total.
Saks Fifth Avenue Credit – $100
I took full advantage of this perk, using $50 in the first half of the year and another $50 in the second half, getting the full $100 value.
Walmart+ Membership Credit – Up to $155
I finally signed up for Walmart+ this year, enjoying free shipping and the included Paramount+ subscription. I received credits for 9 months, saving $116.55.
AMEX Offers – $70 Total Savings
I took advantage of a few AMEX Offers, saving:
- $40 on a stay at Nobu at Caesars Palace
- $20 on my cable bill
- $10 at McDonald’s
Lounge Access
Centurion Lounge Visits
We visited two Centurion Lounges, each for the first time, in Las Vegas and Atlanta.
Delta Sky Club Visits
We flew Delta much less than usual last year, only using the Orlando Sky Club twice. As for the new Sky Club visit limits, we haven’t come close to hitting the 10-visit cap in previous years, so that won’t be a dealbreaker.
Final Tally – Did I Get My Money’s Worth?
Total Statement Credit Value: $1,035.38
That doesn’t even include the value of four lounge visits. While some credits were easier to use than others, I still came out ahead. The Airline Fee Credit remains the most frustrating benefit due to its restrictions on a single airline and limited eligible expenses, but overall, I more than justified the $695 annual fee.
With rumors of another refresh on the way, I’ll hold onto the Platinum Card for another year and see what changes come next.
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